John Fredriksen sells oil company to Chinese buyers

John Fredriksen has sold drilling company Northern Offshore to Chinese buyers, informs the company on Monday. The price comes to around USD 165 million.

Shipping and offshore magnate John Fredriksen will now wave goodbye to one of the companies in his extensive portfolio - Bermuda-based Northern Offshore, says the company in a corporate statement.

The company has been bought by China's Shangdong Offshore Company for a total USD 164.2 million. With the acquisition, Shangdong Offshore Company takes over four drilling rigs and a floating production facility. Northern Offshore also has two jack-up rigs set for delivery, and these are also included in the transaction.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Sovcomflot divests from sanctioned tanker fleet

Russian tanker operator Sovcomflot, which has been subject to sanctions following Russia’s invasion of Ukraine, makes a significant divestment from its tanker fleet. One of the buyers is Eastern Pacific Shipping.

Further reading

Related articles

Latest news

See all jobs